Premium loading or waiting?
I had a not so good health insurance for my parents(aged 69 & 62) which was initially a group policy later converted to retail insurance product which I continued for 6 or 7 years. Then, I learnt about portability, and I ported to another policy which is better than previous.
While porting, the premium was loaded, I tried to negotiate so they offered a waiting period instead with same premium. I took the waiting period option (also paid a 2-year premium). Later, I got to know that loading of the premium was one-off. Now, on hindsight, I realized, I made a mistake. Now, I have few questions.
- Which is better option? Premium loading or waiting period?
- Will the waiting period be considered from start of original policy or the new ported policy?
- Is there any way to fix the problem in the middle of the policy? Also, taking in to consideration my parent's age and 2 year premium paid already. The policies are in force already.
Thanks & Regards